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Islamic finance glossary

Posted on 19 May 2011

Gharar: A risky or hazardous sale, in which details concerning the sale item are unknown or uncertain. Ijara: An exchange transaction in which a known benefit arising from a specified asset is made available in return for a payment, but ownership of the asset itself is not transferred.
Maisir: ‘Games of chance’, eg gambling or speculation. Maslaha: Literally, ‘the common good’: a concept in traditional Islamic law invoked to prohibit or permit something on the basis of whether or not it serves the public interest………………………………………Full Article: Source

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